LogFAQs > #969961174

adjl posted...

The same is true of car insurance, home insurance, life insurance, health insurance... By design, it's a matter of "I hope I won't need this, but if I do, I don't have to worry about the cost." Over the course of your life, there's a good chance you're going to spend more on health insurance than you make from it, but in exchange for that you get a consistent, predictable cost so that if something does go wrong, you don't end up facing a larger bill than you can afford.

Now, saying that, that doesn't mean you should always have insurance for all of those things (unless it's legally required, like car insurance). If you've got enough spare income/savings or other safety nets that you can absorb those large costs, you'll likely come out on top by not having insurance, so in those cases you can/should skip it. That buffer is often quite a bit larger than people realize, though. Most car insurance covers a million or more, because it's surprisingly easy to cause a million dollars worth of damage in a car accident (especially if the other party is injured in a way that affects their ability to work).

Yeah. Except the other insurances are usually more useful/required. Car insurance is needed to legally drive. And most offer other services (roadside or whatever) Home insurance just depends on what kind. But even then, I feel stuff will almost always eventually happen to a house that insurance can help with... Life insurance is useful to your family after you die. And since we havent found immortality yet, people will die as of right now (it might be less useful when we can live forever, if that happens) Health insurance (and dental and eye) are already useful Well, if you go to the doctor and stuff cheaper dentist visits, a couple hundred dollar glasses for like $10, and doctor visits costing nothing extra (or being cheap with certain insurances), while emergency room visits are cheap (or possibly cost nothing) Those insurances actually are useful, and usually used. Pet insurance seems to not cover much And seems like Ill still need to cover the cost in most cases. I consider it very different from the other insurances It seems useless in most cases, where the others seem way more useful

Like I said, I understand how it works. It just seems pretty useless in most cases. Especially compared to the other ones mentioned here